Helen is a marketing manager at a local equipment manufacturer.She and her husband know that saving for college for their 4-year-old twin boys is a challenge.Her employer recently implemented a college tuition plan that lets parents and other family members defer taxes on their contributions to the plan.What is the type of plan recently implemented?

Question

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As workers' children grow up, their needs shift from maternity leave and child care to college tuition. Some organizations have supported this concern by sponsoring tax-favored 529 savings plans. These plans, named after the section of the Internal Revenue Code that regulates them, lets parents and other family members defer taxes on the earnings of their deposits into the 529 account.

Helen Is a Marketing Manager at a Local Equipment Manufacturer